Devono’s Insights team is happy to share with you our latest market report, this time focusing on North of Oxford Street (NOX). This report provides an overview of how demand for office space in this market has changed from pre to post pandemic, including the evolving sector demand and shifting location preferences within this market.
Key Highlights from the Report:
Total Space Leased
- 943K SQ FT leased in 2022 – post-pandemic peak in activity
- 581K SQ FT leased in 2023 – only 148 deals transacted, lowest number since 2020
Rental Growth
- £107.00 PSF – Prime Grade A rent, up 13% over 12 months
- £77.50 PSF – Prime Grade B rent, stable for 3 quarters
Availability
- 1.4M SQ FT – space available as of Q2 2024
- 25% – Grade A share of space available
Sector Demand
- Financial – accounted for 50% of space leased in 2023
- Media – share remained at 11% from pre to post pandemic
Location Demand
- Marylebone Core – largest share of space leased in NOX (35%)
- Fitzrovia East – majority of deals were for spaces in this submarket (32%)
We also provide an outlook, examining the changes in demand we are seeing currently, the direction of travel for rental growth and the quantity of space expected to be delivered to the market over the next year.
If you would like any further information on this report, please do not hesitate to get in touch, or alternatively you can find out more at our website www.devono.com.
